Adnoc Drilling hopes to secure oil drilling tenders in Kuwait, Opec’s fifth-largest producer, after being approved for inclusion on Kuwait Oil Company’s list of approved contractors, the Adnoc subsidiary’s chief executive said.
“We will definitely be getting potential tenders to participate, and we will be assessing each one separately. This is where the company … will go more regional and international,” Abdulrahman Al Seiari told The National in an interview on Monday.
Kuwait will be Adnoc Drilling’s second market outside of the UAE, following Jordan, where the company has been operating a land rig since the fourth quarter of 2023.
Kuwait Oil Company is a subsidiary of Kuwait Petroleum Corporation (KPC), the country’s state-run energy company.
Kuwait is one of the “tier one” countries Adnoc Drilling has been looking to enter in the region since its initial public offering in 2021, Mr Al Seiari said, adding that the company was in the pre-qualification process in Saudi Arabia.
Adnoc Drilling’s Kuwait entry comes weeks after the country discovered “huge commercial quantities” of oil and gas.
Preliminary estimates suggest the latest discovery at the Al Nokhatha field east of the Kuwaiti island of Failaka, could yield about 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of gas, which corresponds to about 3.2 billion barrels of oil equivalent, according to the Kuwait Oil Company.
Kuwait aims to raise its oil production capacity to 3.15 million bpd, from the current 2.7 million bpd, within the next four years.
The country also plans to increase its natural gas output by about 79 per cent to 930 million cubic feet per day in the same period.
Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has been actively investing in technology and infrastructure to tap into the UAE's vast unconventional reserves.
Adnoc, responsible for most of the UAE's crude production, aims to reach an output capacity of five million bpd by 2027. It can already produce up to 4.85 million bpd.
Last year, Adnoc Drilling and Alpha Dhabi Holding set up a joint venture, Enersol, that aims to invest up to $1.5 billion to acquire technology-enabled companies in the oilfield services and energy sectors.
Around one-third of the total planned investment has been allocated, amounting to about $500-$600 million, Mr Al Seiari said, adding that the full amount will be used in acquisitions by the end of this year or early next year.
On Monday, Enersol agreed to purchase a 100 per cent equity stake in EV Holdings for about $45 million from UK-based private equity firm Dunedin.
EV, which provides vision-based diagnostics and analytics services for the oil and gas sector, has a global footprint with a presence in 36 countries, including the UAE and Saudi Arabia.
“We will be owning technologies now. Rather than taking it as a service, we will be providing it as a service to other customers,” Mr Al Seiari said.
In May, Adnoc raised $935 million by selling 880 million additional shares in the drilling unit to institutional investors after recording strong demand for the offering.
The share sale representing 5.5 per cent of Adnoc Drilling’s total issued share capital registered robust demand from investors in the GCC and globally, Adnoc Drilling said in a statement at the time.
The offering increased Adnoc Drilling’s free float to 16.5 per cent, with its parent retaining a majority stake in the company.
Mr Al Seiari does not expect another stake sale in the short-term, but said that the decision would ultimately be made by Adnoc.
Higher Profit Forecast
Adnoc Drilling reported a 29.4 per cent increase in second-quarter profit, driven by the expansion of operations across all business segments.
Net profit for the three months to the end of March rose to $295 million, from $228 million in the same period a year earlier, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s second-quarter revenue surged 29 per cent year on year to $935 million.
Adnoc Drilling also raised its profit and revenue forecasts for 2024.
For the full year, the company expects revenue in the range of $3.7 billion to $3.85 billion, up from a previous forecast of $3.6 billion to $3.8 billion.
Adnoc Drilling has forecast a net profit of $1.15 billion to $1.3 billion, up from an earlier range of $1.05 billion to $1.25 billion.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEmonovo%20(previously%20Marj3)%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECairo%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2016%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E12%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Eeducation%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3Ethree%20rounds%2C%20undisclosed%20amount%3C%2Fp%3E%0A
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)